Fund Strategies and Market Commentaries
May 1, 2013

Midas Perpetual Portfolio employs a long term asset allocation strategy with an occasional use of investment leverage based on seasonal and other factors. In seeking its investment objective to preserve and increase the purchasing power value of its shares over the long term, the Fund typically targets its portfolio to invest approximately in gold assets, silver assets, Swiss franc assets, hard asset securities, and large capitalization growth stocks. During the first quarter of 2013, the Fund had taken an aggressive position with leveraged holdings but over the second quarter may seek to moderate this posture towards a more defensive allocation.

Midas Magic may employ aggressive and speculative investment techniques in seeking its investment objective of capital appreciation. Currently, the Fund holds a concentrated portfolio in quality companies with growth and/or value characteristics and is using leverage. The Fund holds shares in predominantly blue chip and other well-known companies, including some of the world’s strongest companies with global operations in insurance, technology, and banking. As the Fund pursues its capital appreciation objective, its holdings and allocations are subject to substantial change at any time. As economic conditions develop, the Fund may moderate its aggressive, quality, portfolio strategy by both reducing concentration and leverage in the near term.

Midas Fund is emphasizing larger companies with operations generating attractive cash flows, expanding growth profiles, less perceived political risk, and/or other special features. Since prices for both gold and mining companies collapsed at the beginning of the second quarter, the Fund is now considering gradually increasing its leverage, and re-focusing on the sector with an aggressive posture, with the intention of being possibly fully positioned should metal prices and investor sentiment improve. Many mining and other natural resource company shares appear to offer intriguing opportunities to the Fund as is seeks primarily capital appreciation and protection against inflation and, secondarily, current income.

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You should carefully consider the investment objectives, risks, charges and expenses of the Midas Funds by reading the prospectus carefully before investing or sending money. Consult with your tax advisor or attorney regarding specific tax issues.

Investment products, including shares of the Midas Funds, are not federally or FDIC insured, are not deposits or obligations of, or guaranteed by, any financial institution and involve investment risk, including possible loss of principal and fluctuation in value.

For investment risks associated with the Funds, please read "Principal Investment Objectives, Strategies and Risks," and "Additional Investment Risks" in the free prospectus, which contains this and other important information about the Midas Funds. You can obtain a prospectus by contacting us at 1-800-400-MIDAS (6432) or downloading it below.

The Midas Funds are managed by Midas Management Corporation, a wholly owned subsidiary of Winmill & Co. Incorporated. Winmill & Co. is engaged through subsidiaries in stock market and gold investing through its investment management of mutual funds and closed end funds.

Past Performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Each of the investment products (including the mutual funds) or services referred to in this site may be offered only to persons in the United States. This website should not be considered a solicitation or offering of any investment products or services to investors residing outside the United States. Each Fund is described in a combined prospectus that contains more complete information about each Fund, including management fees and other charges and expenses. Request a prospectus and read it carefully before you invest or send money. Please print out from this site or e-mail or call us at 1-800-400-MIDAS (6432) to obtain a free prospectus. "Midas", "Midas Funds" (design), and "The Midas Touch" registered trademarks are the property of Performance Driven Properties, Inc. Midas Securities Group, Inc., Distributor.

Fund Strategies and Market Commentaries May 1, 2013

Fund Strategies and Market Commentaries
May 1, 2013